TSMC and the U.S. Department of Commerce finalized a deal Friday, granting TSMC $6.6 billion in funding and $5 billion in loan guarantees under the CHIPS Act to build its Fab 21 site in Arizona.

The U.S. Commerce Department said Friday it has finalized a $6.6 billion government subsidy for Taiwan Semiconductor Manufacturing Co's U.S. unit for semiconductor production in Phoenix, Arizona.

Under the agreement, the chipmaker will receive up to $6.6 billion worth of grants to finance a fab complex it’s currently building in Arizona. TSMC also has the option to access up to $5 billion in loans.

U.S. Commerce Department finalizes $6.6 billion subsidy for TSMC's U.S. unit in Arizona, boosting domestic semiconductor production.

In October, a Canadian research firm discovered that Huawei was using TSMC chips for its artificial intelligence accelerators even though that violates US government sanctions. TSMC denied having any working relationship with Huawei,

The US Department of Commerce finalizes $6.6 billion in grants for TSMC. The semiconductor manufacturer has been awarded the grant under the CHIPS Act funding. The US Department o